Can You Acquire Good Credit Overnight? You Bet.
Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to credit bureaus : Some travel,...
Credit repair scam - How to avoid being a statistic?
Credit repair scam - How to avoid being a statistic? A good credit history is critically important for the consumer. A bad credit will prevent you from getting a business loan, owning a home, or even a job. Promises to "fix" your credit are always...
Enjoy The Benefits Of A Credit Merchant Account
A credit merchant account can make your business more productive
than ever. That's because a merchant account will let you start
accepting credit card payments from customers in any part of the
world at any time of the day or night. Could...
Transferring balances Between Credit Cards
Understanding transferring balances from one credit card to another can be very confusing and may not help your situation at all. You can transfer your credit card balance from the card you now have to another credit card that offers a low...
Understanding And Improving Your Credit Rating
"No man's credit is as good as his money." E.W. Howe, American journalist, novelist 1853-1937 The American economy is based on credit. If you don't have at least an average credit rating, you will find that getting approved for any type of loan, or...
Read and Understand Your Credit Card Statement
Have you ever looked at your credit card statement and ended up just scratching your head in frustration? Well join the club! But don’t take any comfort in the fact that you have plenty of company, because lack of knowledge can cost you….right on your credit report, and once there can stay with you a while.
Adding to the challenge is that almost every creditor’s statement is slightly different, varying in format and billing cycle and interest calculations. You first want to check what you purchased and what you borrowed, so make sure you save all your receipts to make sure you weren’t charged for something you didn’t buy or were double billed. Immediately dispute any discrepancies via phone and in writing.
Next you’ll want to verify the interest rates being applied for each type of purchase. Remember, cash advances almost always carry a higher interest than normal purchases and interest usually accrues from the date you received the money. Also, if you have any balance transfers with introductory interest rates, verify that it is correctly noted and hasn’t been increased prematurely.
Review how your
interest is calculated (this information is usually on the back of your statement) and make sure that the right rate has been used for each category. On purchases, most cards take your average daily balance over the billing cycle and divide it by one-twelfth of your annual percentage rate (APR).
Lastly, but maybe most importantly, make sure you send your payment in well before the due date. In order to have your payment credited on time to avoid a late fee, it must be posted by the due date shown on the statement. Therefore, if paying by mail, it is advisable to mail your payment at least a week in advance. For those whose cash flow doesn’t allow an early remittance, paying by phone or on-line might be a good alternative.